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ICRA ratings for Indian debt instruments-Oct 27

    Oct 27 - Below are the ratings awarded by Investment Information Credit Rating Agency Ltd.
(ICRA) for local debt instruments as of October 26, 2020.

COMPANY                                 INSTRUMENT            RATING      AMOUNT   MOVEMENT
                                                                          (RS.MLN)
------                                  ----------            ------      -----    ---------
SHORT TERM RATINGS:
-------------------
Afcons Infrastructure Ltd               Fund based – ST loans ICRA A1      7120
Downgraded from ICRA A1+
Afcons Infrastructure Ltd               Non-fund based -      ICRA A1      12380
                                        BG/LC (ST)
Downgraded from ICRA A1+
Afcons Infrastructure Ltd               CP                    ICRA A1      9000
Downgraded from ICRA A1+
Andritz Hydro Pvt Ltd                   ST Non-fund           ICRA A1      7900   Reaffirmed
                                        based-Working Capital
                                        Fac
Energy Efficiency Services Ltd          Non-fund based – ST   ICRA A1      700
Revised to ICRA A1 from ICRA A1+
Energy Efficiency Services Ltd          Fund based – ST       ICRA A1      9000
Revised to ICRA A1 from ICRA A1+
Gemstone Ceramic Llp                    BG                    ICRA A4      10     Reaffirmed
Indian Terrain Fashions Ltd             ST non-FB Working     ICRA A2      80     Outstanding
                                        Capital Fac
Kalyan Jewellers India Ltd              ST - Fund based /     ICRA A2+            Reaffirmed
                                        Non-fund based (sub
                                        limits)
Raajratna Metal Industries Ltd          ST Fund Based-        ICRA A1      2920   Reaffirmed
                                        PC/PCFC/FBD/FBN/PSCFC
Raajratna Metal Industries Ltd          ST Non-FBL            ICRA A1      400    Reaffirmed
Ravi Microns Llp                        BG                    ICRA A4      8      Withdrawn
Transport Corporation Of India Ltd      CP Programme          ICRA A1+     2250
Reaffirmed and Assigned to enhanced limits

MEDIUM TERM RATINGS:
-------------------
Kalyan Jewellers India Ltd              Medium term – Fixed   MA- (stable) 5250   Reaffirmed
                                        deposit

LONG TERM RATINGS:
-------------------
Afcons Infrastructure Ltd               NCD Programme         ICRA         3000
                                                              A+(Negative)
Downgraded from ICRA AA-(Negative)
Afcons Infrastructure Ltd               Fund based - TL       ICRA         12000
                                                              A+(Negative)
Downgraded from ICRA AA-(Negative)
Afcons Infrastructure Ltd               Fund based - CC (LT)  ICRA         14000
                                                              A+(Negative)
Downgraded from ICRA AA-(Negative)
Afcons Infrastructure Ltd               Non-fund based -      ICRA         132500
                                        BG/LC (LT)            A+(Negative)
Downgraded from ICRA AA-(Negative)
Andritz Hydro Pvt Ltd                   LT / ST fund          ICRA A+      7370   Reaffirmed
                                        based/non-fund based  (Stable) /
                                                              ICRA A1
Andritz Hydro Pvt Ltd                   LT FB Working Capital ICRA         480    Reaffirmed
                                        Fac                   A+(Stable)
Backbone Mnmp Highway Pvt. Ltd.         FB-TL                 ICRA         402.2  Reaffirmed
                                                              BBB+(Stable)
Energy Efficiency Services Ltd          NCD Programme (NCD)   ICRA A+      13750
                                                              (Stable)
Revised to ICRA A+ (Stable) from ICRA AA- (Negative)
Energy Efficiency Services Ltd          NCD Programme (NCD)   ICRA A+
                                                              (Stable)
Revised to ICRA A+ (Stable) from ICRA AA- (Negative) and Withdrawn
Energy Efficiency Services Ltd          Unallocated limits    ICRA A+      300
                                                              (Stable) /
                                                              ICRA A1
Revised to ICRA A+ (Stable) / ICRA A1 from ICRA AA- (Negative) / ICRA A1+
Gemstone Ceramic Llp                    TL                    ICRA         68
                                                              B+(Stable)
Upgraded from ICRA B(Stable)
Gemstone Ceramic Llp                    CC                    ICRA         30
                                                              B+(Stable)
Upgraded from ICRA B(Stable)
Indian Terrain Fashions Ltd             LT FB Working Capital ICRA BBB+    375    Outstanding
                                        Fac                   (Negative)
Indian Terrain Fashions Ltd             Unallocated limits    ICRA BBB+    145    Outstanding
                                                              (Negative)/
                                                              ICRA A2
Kalyan Jewellers India Ltd              TL                    ICRA A-      850    Reaffirmed
                                                              (stable)
Kalyan Jewellers India Ltd              LT / ST - Fund based  ICRA A-      29450  Reaffirmed
                                                              (stable) /
                                                              ICRA A2+
Laxmi Balaji Industries                 LT - Fund Based/ CC   ICRA B+      125
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Laxmi Balaji Industries                 LT - Fund Based TL    ICRA B+      3.9
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Laxmi Balaji Industries                 LT - Unallocated      ICRA B+      41.1
                                                              (Stable)
Rating continues to remain under ‘Issuer Not Cooperating’ category
Raajratna Metal Industries Ltd          Unallocated Limits    ICRA A       180    Reaffirmed
                                                              (Stable)/A1
Ravi Microns Llp                        CC                    ICRA B+      40     Withdrawn
                                                              (Stable)
Ravi Microns Llp                        TL                    ICRA B+      90     Withdrawn
                                                              (Stable)
Rural Fairprice Wholesale Ltd           NCD Programme         ICRA D       3200   Outstanding
Rural Fairprice Wholesale Ltd           NCD Programme         ICRA D       3500   Outstanding
Sunshine Edible Oils                    Fund based- TL        ICRA B+      50
                                                              (Stable)
Issuer Not Cooperating; Continues to remain under the ‘Issuer Not Cooperating’ category
Sunshine Edible Oils                    Fund based- CC        ICRA B+      200
                                                              (Stable)
Issuer Not Cooperating; Continues to remain under the ‘Issuer Not Cooperating’ category
--------------------------------------------------------------------------------------------
$: Rating watch with positive implication
#: Rating Watch with Developing implications
@: Rating Watch with Negative Implications
%: Rating under Credit Watch
wd -Rating Stands Withdrawn
sp -Rating Suspended
pp -Principal Protected
pn -Principal Not Protected

ICRA may apply + or - signs for ratings to reflect a comparative standing within the category.

BG-Bank Guarantee; CC-Cash Credit; CCPS-Cumulative Convertible Preference Share; CD-Certificate
of Deposit; CLO-Collateralized Loan Obligation; CPA-Claims Paying Ability; CP-Commercial
Paper; CPS-convertible preference shares; CRPS- Cumulative Redeemable Convertible Preference
shares; DDB-Deep Discount Bond; EPBI-Exchange premium bond; FBL-Fund Based Limits; FRB/FRN
-Floating Rate Bond/Note; ICD -Inter Corporate Deposit; ITD-Immediate Term Debt; LOC-Letter of
Credit; LT -Long Term; LTB -Long Term Borrowing; LTD -Long Term Debt; MOCD-multiple option
convertible debenture; MTD -Medium term Debenture; MTN-medium term notes; NCD(SO) -
Non-Convertible Debenture-(Structured Obligation); NCD-Non-convertible Debentures; NCRB-Non
Convertible Redeemable Bonds; NM-Not Meaningful; OCD-optionally convertible debenture; OD-Over
Draft; OFCD-Optionally Fully Convertible Debenture; PCD-Partially Convertible Debenture;
PCN-partly convertible notes; PCPS-Partly Convertible Preference Share; POCD-partly optional;
PP-privately placed; PSPC-Post Shipment & Packing Credit; PS-Preference Shares; PTC-Pass
Through Certificates; RPS-Redeemable Preference Shares; SCPN-secured convertible preference
notes; SDO-Structured Debt Obligation; SLR-Statutory Liquidity Ratio; SO-Structured
Obligation; SPCD - Secured Partly Convertible Debentures; SPN-secured premium notes; STB-Short
Term Bond; STD-Short Term Debentures; ST-Short Term; Sub. Bonds-Subordinate Bonds; TB-Taxable
Bond; TFB-Tax Free Bond; TL-Term Loan; TOCD-triple option convertible debentures.

(Mumbai Rate Reporting Unit + 91 22 6180 7222 / 3317 7222 , E-mail at rru.data@refinitiv.com)
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